MONTHLY : Our signal provided on 8th July missed its TP by 15pips i.e with opening price at 1.18050 and reversing from 1.18950 while our take profit zone was 1.19150. Lets not forget that EURUSD is bullish on the monthly chart because of prolonged consolidation between 1.23000 and 1.16000, not providing a breakout yet on either ends. Euro has been mingling around EMA200 mostly providing a bullish reversal upto the monthly resistance 1.23000. There are stong supports in shape of EMA200, 38.2 fibb level if extended from the highest highs to its lowest lows and the 1.16000 major support itself which might give bullish indications in the upcoming week. 

WEEKLY : Scenario at weekly time frame is a bit different this time because of the ambiguity in terms of the current bearish wave initiated from 1.2270 in May might completely reverse the previous bullish impulse initiated from 1.17000 in March. This situation of completely reversing the bullish impulse will change the trend on weekly chart because it wouldnt be a corrective any longer for it would have reversed 100% of the previous bullish impulse. For now we have our 61.8fibb level which might serve as a strong bullish reversal and mark the continuation of Euros bullish trend. In worst case scenario if our current market reaches our weekly price action i.e 1.17051, our next stop will be most definitely 1.15500.

DAILY : Fibb retracement levels drew from the daily high to low - would show that 23.6 is where the market currently is, a chance of bullish reversal already i suppose ? along with our weekly 61.8fibb level ! we will maintain our bullish position for now with the market Stop loss and take profit zone. An impulsive bearish closing below our aforementioned level will certainly mark its next move towards 1.17000 and 1.16000 even . 

EURUSD on a critical junction

Jul 18 2021

1